Market Size of Oman Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.98 Billion |
| Market Size (2029) | USD 1.25 Billion |
| CAGR (2024 - 2029) | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oman Used Car Market Analysis
The Oman Used Car Market size is estimated at USD 0.98 billion in 2024, and is expected to reach USD 1.25 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
Over the long-term forecast period, factors including economical cost and variety in the fleet are expected to boost the used car demand in Oman. Demand for pre-owned cars for family, personal use among residents, and partial economic disruption with the new car segment alongside value-for-money have cumulatively driven the market into immersive growth in Oman.
Moreover, due to increasing digitization and the ability of companies to provide immersive purchase experiences remotely, the used car market is expected to witness significant growth. Furthermore, the rise in value-added service offerings and the variety of finance providers offering credit for used cars will also contribute to the growth of the used car market across Oman. However, higher interest rates may discourage some potential customers, slowing the market's growth.
Factors such as a rise in income levels, increasing demand for luxury cars, shorter car ownership periods, booming import-export, and a growing preference for two-wheeler owners to upgrade to small and compact cars drive the growth of the market. The market for used cars in Oman is continuously expanding.
Oman Used Car Industry Segmentation
A used car, a pre-owned vehicle, or a second-hand car is a vehicle that has previously had one or more retail owners. On the other hand, a certified pre-owned (CPO) vehicle is a pre-owned vehicle that has been extensively inspected (pre-purchase inspection) and expertly reconditioned. The term ''used'' refers to the fact that the car has been driven and may have accumulated some wear and tear over its lifetime.
The scope of Oman's used car market is segmented by vehicle type and vendor type. By vehicle type, the market is segmented into hatchbacks, sedans, sport utility vehicles, and multi-purpose vehicles. By vendor type, the market is segmented into organized and unorganized.
For each segment, market sizing and forecast have been done on the basis of value (USD).
| By Vehicle Type | |
| Hatchbacks | |
| Sedan | |
| Sports Utility Vehicles and Multi-Purpose Vehicles |
| By Vendor | |
| Organized | |
| Unorganized |
Oman Used Car Market Size Summary
The Oman used car market is poised for significant growth over the forecast period, driven by factors such as economic affordability and a diverse vehicle fleet. The demand for pre-owned cars is bolstered by their appeal for family and personal use, alongside the economic challenges faced by the new car segment. The market's expansion is further supported by the increasing digitization of purchase processes, which allows for immersive remote buying experiences. The availability of value-added services and a variety of financing options from financial institutions also contribute to the market's growth. However, the impact of higher interest rates may pose a challenge by potentially deterring some prospective buyers.
The market landscape in Oman is characterized by a blend of online and traditional players, with a notable shift towards digital platforms facilitating the sale and purchase of used cars. The government's e-government initiatives, including the national ePayment Gateway, have significantly enhanced the online marketplace's growth, making transactions more secure and accessible. Key players in the market, such as KAVAK and Yallamotor, are actively engaging in strategic initiatives to capture market share, including offering certified pre-owned vehicles and expanding their presence in the region. The fragmentation of the market, with various dealers and financial service providers collaborating, underscores the dynamic nature of the used car industry in Oman, which is expected to continue its upward trajectory.
Oman Used Car Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 High Cost Associated With the New Cars and Affordability Concerns Drive the Market
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1.1.2 Others
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1.2 Market Restraints
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1.2.1 Stringent Governmental Regulations and Import Taxes Restrict the Market Growth
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD Billion)
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2.1 By Vehicle Type
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2.1.1 Hatchbacks
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2.1.2 Sedan
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2.1.3 Sports Utility Vehicles and Multi-Purpose Vehicles
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2.2 By Vendor
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2.2.1 Organized
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2.2.2 Unorganized
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Oman Used Car Market Size FAQs
How big is the Oman Used Car Market?
The Oman Used Car Market size is expected to reach USD 0.98 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 1.25 billion by 2029.
What is the current Oman Used Car Market size?
In 2024, the Oman Used Car Market size is expected to reach USD 0.98 billion.
